MOUNTAIN VIEW, Calif., Aug. 2, 2012 /PRNewswire/ -- IRIDEX Corporation (Nasdaq: IRIX) today reported financial results for the second quarter ended June 30, 2012. Due to the sale of the Company's aesthetics laser business in February 2012, the Company's financial statements reflect the results of its aesthetics laser business as discontinued operations and the following commentary relates to the results of its continuing ophthalmology business.
President and CEO Dominik Beck said, "Demand and delivery of both capital equipment and consumable products remained stable in the second quarter with a number of promising improvements. On the consumables side of the business, sales of our glaucoma product continued to strengthen following a focused marketing campaign that began at the beginning of 2012. In addition, our licensing and distribution partnership is delivering strong results and current indications are for this to continue. This success is a validation of our M&A strategy as the small acquisition of RetinaLabs has already paid for itself several times over, and we anticipate similar impacts from our Ocunetics acquisition following the planned product launch in early 2014."
Beck continued, "As we indicated last quarter, we anticipate that our increased investments in people and programs across the organization will drive overall sales growth in the second half of the year, and we intend to balance our investments in line with our revenue growth to maintain profitability for the year.
"The most exciting marketing feedback I have received this quarter, for both clinical and investor audiences, is the accelerating adoption of MicroPulse™ for treatment of diabetic macular edema (DME). We have been working on economic models that make sense to the doctor and healthcare systems to encourage their adoption of this new treatment paradigm that has multiple benefits to the patient, and we are starting to see these models impact the purchasing decisions of our customer base. Furthermore, our experiences in DME have led us to explore opportunities for MicroPulse in the treatment of glaucoma. We are working with a number of key opinion leaders in glaucoma who have begun to explore how our minimally invasive technology can improve on the current standard of care for treating glaucoma. If the results of these initiatives indicate an equivalent or better outcome than currently available options, we could see a significant impact to our revenues as this is a large market opportunity."
During the second quarter 2012, the Company continued to execute its share repurchase program. Since the beginning of 2011, approximately 240,000 shares have been repurchased at an average price of $3.93. In May 2012, the Board of Directors approved an extension of the Company's share repurchase program through March 2013 and an increase in the amount of cash available for the program to a total of $4 million.
1H 2012 Business Highlights
Conference Call IRIDEX management will conduct a conference call later today, Thursday, August 2, 2012 at 5:00 p.m. Eastern Time. Interested parties may access the live conference call via telephone by dialing (877) 941-2333 (U.S.) or (480) 629-9724 (International) and quoting Conference ID 4555596, or by visiting the Company's website at www.iridex.com. A telephone replay will be available beginning on Thursday, August 2, 2012 through Thursday, August 9, 2012 by dialing (800) 406-7325 (U.S.) or (303) 590-3030 (International) and entering Access Code 4555596. In addition, later today an archived version of the webcast will be available on the Company's website at www.iridex.com.
About IRIDEX IRIDEX Corporation was founded in 1989 and is a worldwide leader in developing, manufacturing, and marketing innovative and versatile laser-based medical systems, delivery devices and consumable instrumentation for the ophthalmology and otolaryngology market. We maintain a deep commitment to the success of our customers, with comprehensive technical, clinical, and service support programs. IRIDEX is dedicated to a standard of excellence, offering superior technology for superior results. IRIDEX products are sold in the United States through a direct sales force and internationally through a combination of a direct sales force and a network of approximately 70 independent distributors into over 100 countries. For further information, visit the Company's website at http://www.iridex.com/.
Safe Harbor StatementThis announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, relating to the size and growth of markets in which the Company operates, the success of the Company's marketing and sales efforts, MicroPulse laser therapy, the Company's growth strategy, the Company's acquisition strategy, sales revenue growth, operational plans and the Company's projected fiscal 2012 financial results. These statements are not guarantees of future performance and actual results may differ materially from those described in these forward-looking statements as a result of a number of factors. Please see a detailed description of these and other risks contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2012 which were filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date and will not be updated.
TABLES FOLLOWIRIDEX Corporation
Condensed Consolidated Statements of Operations(In thousands, except per share data)(unaudited)Three Months EndedSix Months EndedJune 30,July 2,June 30,July 2,2012201120122011Total revenues
$8,445$8,085$16,750$16,281Cost of revenues
4,1113,9388,0978,022Operating expenses:Research and development
1,1068902,2881,853Sales and marketing
2,1221,7863,9863,564General and administrative
1,2331,0222,4092,105Total operating expenses
4,4613,6988,6837,522(Loss) income from operations
(350)240(586)500Other (expense) income, net
752803725807Income from continuing operations before income taxes
4021,0431391,307Provision for income tax
51447223Income from continuing operations, net of tax
3978991321,084(Loss) income from discontinued operations, net of tax
(61)10(223)391Gain on sale of discontinued operations, net of tax
--2,032-(Loss) income from discontinued operations, net of tax
$336$909$1,941$1,475Net (loss) income per share:BasicContinuing operations
Weighted average shares used in computing net income per share Basic
IRIDEX CorporationCondensed Consolidated Balance Sheets(In thousands)(unaudited)June 30,December 31,20122011AssetsCurrent Assets:Cash and cash equivalents
,789Accounts receivable, net
7,5396,659Prepaids and other current assets
1,228464Current assets of discontinued operations
5586,043Total current assets
29,03429,506Property and equipment, net
388325Intangible assets, net
533533Other long-term assets
170199Restricted cash related to discontinued operations
510Non-current assets of discontinued operations
32,149Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable
8001,014Current liabilities of discontinued operations
792,663Total current liabilities
5,8768,913Long-Term Liabilities:Other long-term liabilities
6,5259,723Stockholders' Equity:Convertible preferred stock
9392Additional paid-in capital
42,69242,032Accumulated other comprehensive loss
-(35)Treasury stock, at cost
(16,649)(18,590)Total stockholders' equity
24,76722,426Total liabilities and stockholders' equity
|SOURCE IRIDEX Corporation|
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